Hospitality startup FreshUp raises $1.5M from Lotus Global

Chennai based hospitality startup FreshUp has raised $1.5 million through seed funding from Singapore based Lotus Global Investments. The investment will be used to strengthen its expansion across southern states of the country including Andhra Pradesh, Telangana, Tamil Nadu, Kerala, and Karnataka.

Founded by Pothala Vinil Reddy Laxmi Narasimha in 2016, Freshup (Fresh Minds Services Pvt Ltd.) offers micro stay services based on ‘pay as one uses’ model at poshtels to short-stay travelers. The startup currently has its properties in Hyderabad and Tirupati. The startup aims to cater to travelers specifically shoppers who require few hours to freshen up.

Vinil Reddy, CEO, FreshUp said, “We believe that this progress will impact our business in a positive way and will help us to expand throughout the south in a rapid and phased manner. We are assertive that we will be able to launch at least 20 outlets by the end of next calendar year.”

The hospitality startup is also looking forward to partner with small-scale investors/entrepreneurs who are willing to invest in properties. Under the partnership, these entrepreneurs can invest 50 percent or more of the entire property cost and FreshUp will hand-hold them for three years. Reddy added, “Initially, they would have a share of the profit and after three years, they would singlehandedly manage the property.”